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Matrix of S-parameters for electromagnetic description of radio channel and expressions for its basic elements are presented in the paper. The peculiarity of the matrix is that the partial mismatch on the side of the signal source and on the dual-polarized receiving end is taken into account. It allows to consider electromagnetic peculiarities of radio channel affecting its capacity. The results of development of electromagnetic model for mutual impedance of wire antennas with arbitrary location in space and parametric representation also are given in the paper.